Will Conforming Loan Limits Increase in 2024?
Although interest rates are currently higher than where we would love for them to be, some good news to reflect on is that it’s predicted that in 2024, the conforming loan limit is going to be $750,000. And that means someone looking to purchase a home with a loan amount of up to $750,000 wouldn’t have to have a jumbo mortgage.
And that what that means is typically with a jumbo loan, you’re going to have a higher interest rate, whereas conventional mortgage is going to have a lower interest rate than the jumbo loan. So even though interest rates are higher, at least you won’t have to have a higher interest rate because you won’t have to have a jumbo loan.
So if you have any questions, please leave a comment below. Please share with anyone you think it’d be helpful to, and as always, close with Patrice.
This has been “Will Conforming Loan Limits Increase in 2024?” by Patrice Henderson of Designed Living Real Estate. Be sure to subscribe to her YouTube channel for all your real estate tips, home tours and advice.
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